💸 The Tape

As federal cannabis reform continues to lag behind state-level momentum, two bipartisan powerhouses in Congress—Rep. Dave Joyce (R-OH) and House Minority Leader Hakeem Jeffries (D-NY)—have reintroduced the PREPARE Act, legislation designed to ensure the U.S. is ready for the inevitable end of federal cannabis prohibition.

Dubbed the Preparing Regulators Effectively for a Post-Prohibition Adult Use Regulated Environment (PREPARE) Act, the bill proposes a forward-looking, fact-based approach to cannabis reform that acknowledges what most lawmakers now privately admit: federal legalization is not a question of if—but when.

🔍 What the PREPARE Act Would Do:

At its core, the PREPARE Act would establish a "Commission on the Federal Regulation of Cannabis" under the Department of Justice. This expert body would include a broad array of stakeholders—from healthcare professionals and criminal justice reform advocates to state regulators and industry leaders—charged with developing a federal framework that:

• Respects existing state laws while enabling an interstate cannabis market

• Proposes taxation and revenue models modeled on alcohol regulation

• Addresses social equity, focusing on communities harmed by prohibition

• Ensures adult-only access except for physician-recommended treatments

• Safeguards the hemp industry and mitigates cross-pollination risks

• Expands access to medical cannabis research and provider education

The commission would be required to submit its findings to Congress within one year, equipping lawmakers with the data and policy tools needed to transition smoothly into a post-prohibition era.

⚖ A Long-Awaited Federal Framework

The PREPARE Act acknowledges a major regulatory elephant in the room: 24 states have legalized adult-use cannabis, and another 15 have medical-only programs, yet all operate in isolation under federally illegal status, with no interstate commerce or unified oversight.

The reintroduction comes at a time when rescheduling cannabis to Schedule III remains tied up in administrative red tape and political uncertainty, and as global competitors like Germany, Canada, and Israel continue advancing medical cannabis research and export dominance.

🧠 Historical Context and Political Relevance

The bill also includes a critical—and symbolic—acknowledgment: federal cannabis prohibition was rooted in racism, first codified in 1937 to target minority communities. It further notes that modern science has demonstrated medical efficacy in treating conditions like cancer, PTSD, seizures, and MS.

Such a finding would not only reinforce the Department of Health and Human Services’ ongoing recommendation to reclassify cannabis—it could become a legislative declaration that cannabis has recognized medical use, undermining its current Schedule I status.

🛑 Challenges Ahead

Despite bipartisan support and growing momentum, previous iterations of the PREPARE Act have stalled in committee in both 2022 and 2023. Whether this version gains traction may depend on broader progress around rescheduling, SAFE Banking, and appropriations-related cannabis riders.

But make no mistake: the PREPARE Act isn’t legalization itself—it’s a blueprint. One that ensures Congress doesn’t fumble the handoff when the federal government finally decides to catch up to the states.

For an industry trapped in a legal and logistical limbo, the PREPARE Act could be the foundation for federal cannabis regulation done right—not retroactively, but proactively.

📈 Dog Walkers.

Cronos Launches Vapes

What’s Going On Here: Cronos Group (NASDAQ: CRON | TSX: CRON) is expanding its popular Spinach® brand with the launch of three new 1.2g vapes and a new SOURZ by Spinach® Fully Blasted gummy line—each infused with rare cannabinoids for a premium cannabis experience.

CEO Mike Gorenstein says the launches reflect Cronos' focus on flavor, innovation, and enhanced effects. The rollout includes strong retail support and educational campaigns. 

Why This Matters: Will be watching close to see how the numbers start to materialize in the category.

The Cannabist Goes Live In AC

What’s Going On Here: The Cannabist Company (Cboe CA: CBST | OTCQB: CBSTF) has launched adult-use cannabis sales at its Mays Landing dispensary in New Jersey, expanding access beyond medical patients. Located just 20 minutes from Atlantic City, this marks the Company’s third dispensary in the state, joining Deptford and Vineland.

To celebrate, a grand opening event is set for April 29, featuring promotions, vendor pop-ups, and an appearance by Ric Flair, the company’s brand partner. The store carries in-house brands like Classix, Seed & Strain, and dreamt, alongside partner labels such as Ric Flair Drip, Bloom, and Old Pal.

With a 320,000 sq. ft. cultivation site in Vineland, recent upgrades bolster Cannabist’s ability to meet growing medical and adult-use demand in New Jersey.

Why This Matters: Jersey has been a struggling market for some and a thriving market for others. Will be interesting to see how this helps out the overall footprint moving forward.

🗞️ The News

📺 YouTube

Congressman Dave Joyce Files Two Bills, Cannabis Industry Reacts | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell break down some of the latest developments in the cannabis industry, from High Tide’s (NASDAQ: HITI)dispensary expansions to policy reform efforts across North America and Europe.

We start with Jushi Holdings (OTCQX: JUSHF), which just opened its fifth Beyond Hello™ dispensary in Ohio—its first in the city of Mansfield—bringing its national footprint to 41 stores. Meanwhile, High Tide Inc. continues its retail dominance in Canada, launching its 196th Canna Cabana store in Cochrane, Alberta, gaining first-mover advantage in an underserved micro-market.

Plus we discuss where Canadian cannabis companies are making strategic moves into Germany’s booming medical market, which saw a 272% year-over-year increase in cannabis imports. With over 50% of that product coming from Canada, the opportunity to offset painful excise taxes at home is catching investor attention.

In Segment 2, Michael Bronstein from the American Trade Association for Cannabis and Hemp joins us to discuss North Carolina’s HB 1011, a comprehensive medical marijuana bill, and the reintroduction of the STATES 2.0 Act in Washington—a move to align federal marijuana law with state-level legalization and unlock long-awaited reforms like SAFE Banking and marijuana rescheduling. Will it gain traction?